Finland Consumers More Pessimistic In August, Business Confidence Rises

(RTTNews) - Finland's consumer confidence remained more negative in August, survey figures from Statistics Finland showed on Wednesday.

Separate data from the Confederation of Finnish Industries revealed that industrial sentiment improved close to its long-term average.

The consumer confidence index dropped to -7.6 in August from -6.4 in July. Moreover, the score is well below the long-term average of -2.7.

The data was collected from 1,236 people between August 1 and 18.

Consumers' views on their own economy at present improved slightly but were still subdued compared to the previous month, while expectations concerning their own economy in 12 months remained unchanged and cautious.

In August, the time was considered as unfavorable for buying durable goods, and consumers' plans to buy a new dwelling subsided.

Concerns regarding the general unemployment situation in the country stayed pessimistic, and consumers estimated in August that consumer prices would go up by 3.8 percent over the next year.

The industrial confidence index rose to -1.0 in August from -5.0 in July, the Federation of Finnish Industries said. The confidence has now come in close to its long-term average of 0.

Production is expected to increase in the coming months, and the order backlog increased marginally. Business confidence increased in the services and construction, while retail trade morale remained almost unchanged.